Hong Kong’s ZA Bank and Mox Account for Around 70% of Region’s Virtual Banking Customer Deposits
ZA Bank and Mox are reportedly leading Hong Kong’s digital bank market, accounting for around 70% of all virtual banking customer deposits (as of the end of last year). This, according to a report from Reuters that referenced annual reports from banks in the city.
Hong Kong’s eight virtual banks had managed to accumulate total customer deposits of HKD 15.8 billion (appr. $2.03 billion) by the end of 2020. ZA Bank, which is run by a division of online-only insurance company ZhongAn, reported deposits of HKD 6.04 billion (appr. $780 million).